Each week we select the 3 news items that matter and explain why and link bitcoin twitter accounts you should followers one expert opinion. For the intro to this weekly series, please go here. Last year, was full of speculation and volatility for Bitcoin and other cryptocurrencies, but I think this year will see Bitcoin emerge as a payment network. Why one small Washington town has seen so many bitcoin miners move in.
A Bitcoin mining boom is taking place the middle of nowhere in the US, specifically in Wenatchee, a rural town in Washington state. It has become the Bitcoin mining center in the United States. Right now, there are over 12 crypto mining companies in Wenatchee and the reason why this is happening, is because electricity in Washington state is so cheap. The average electricity price per kilowatt in Washington State is about 4 cents, when the national average is 7 cents and some states are even higher.
This is an important development, because China is now thinking about shutting down Bitcoin miners. The reason the Chinese government is considering to shutdown miners, is because of the excessive electricity consumption and the financial risk. China has the largest Bitcoin mining community. Bitmainthat runs two exchanges, has set up a regional office in Singapore, as well as mining operations in the US and Canada. Initially the country was very popular for cryptocurrency mining ops, because of cheap energy costs.
But this shift in policy could have huge effect on the Bitcoin mining landscape, which is already struggling with high transaction times, which sometimes can even take more than 10 minutes. When Bitcoin mining began, regular off-the-shelf PCs were fast enough to generate Bitcoins. Over the last few years, miners had to move on to faster hardware in order to keep generating new Bitcoins. Today, application-specific integrated circuits ASIC are being used.
Bitcoin mining is kind of the modern-day gold rush with, just like a century ago, when people were moving out to California. Mining operations like this can boost the local economy of small towns and it can help government warm up to Bitcoin and crypto. If China goes ahead and bans crypto bitcoin twitter accounts you should followers, this could really be a big opportunity for the US.
Companies like the Salcido Group could find spots within the US with cheap electricity and build an environment that helps economies of small communities.
The rapid rise of Ripple has attracted attention in recent weeks. This is a tremendous return! The key difference between Ripple and Bitcoin is that it is not mined. The process that requires Bitcoin users to use algorithms to verify transactions.
In contrast, Ripple is controlled by a San Francisco-based company. It creates the currency and releases new batches periodically. The crypto exchange CoinMarketCap made a change recently, excluding many Korean exchanges from its price calculations. Previously, CMC did not reflect what U. The new price is more accurate and meaningful. Ripple says it has licensed its blockchain technology to more than banks to date. The use of Bitcoin and Ripple is completely different. Bitcoin on the other hand is intended as a currency, which is developed to be used as mode of payment.
Ripple is not a cryptocurrency. Ripple has a bright future. It transfers money bitcoin twitter accounts you should followers at minimal fee avoiding currency conversion charges. Ripple can succeed with or without Bitcoin. It can succeed without mining technology and it has a slew of big names behind it already.
Ripple could be the first cryptocurrency used by big business, since it seeks to disrupt a current financial service. Lots of news out of South Korea this week which rattled the crypto world. Bitcoin tumbled on Thursday, after the South Korean govenrment announced it was evaluating options, that included the possible shutdown cryptocurrency exchanges to stop speculation.
Exchanges that allowed new accounts, could be forced to stop trading or even be shutdown. The government is taking action because it fears it could lead to pyramid schemes. As South Korea is one of the biggest markets for cryptocurrencies, this could have a massive impact to the entire market. The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world are trying to figure out how to regulate an asset whose value has skyrocketed over the last year.
Cryptocurrency is a big deal in South Korea. OverSouth Bitcoin twitter accounts you should followers have voted in a petition to voice their opposition to the possible ban. South Korea has been very quick to adopt cryptocurrencies, as a usable form of currency, bitcoin twitter accounts you should followers when it comes to Bitcoin.
The country rapidly adopted Bitcoin, and has since, rapidly pumped out legislation and regulation trying to control it. South Korea has become the experiment for the rest of the bitcoin twitter accounts you should followers for cryptocurrencies, as it is a battleground between a younger population that desperately wants cryptocurrency to provide bitcoin twitter accounts you should followers better future, and government officials who see the entire market as nothing more than a scheme built on false value.
Bitcoin twitter accounts you should followers attempting to stop cryptocurrency trading, would cut off a major source of income for many people, as well as remove a large amount of money from the daily trade volume of many cryptocurrencies, lowering the market valuation as a whole.
This is exactly what happened over the last few days. The South Korean story is very important in the global market, and one you should pay attention to. If you believe in a cryptocurrency decentralized future, you should too. Ethereum founder Vitalik Buterin says cryptocurrency investors bitcoin twitter accounts you should followers are flaunting their crypto wealth online, are missing the point of how the technology can change the society.
Need to differentiate between getting hundreds of billions of dollars of digital paper wealth sloshing around and actually achieving something meaningful for society. Traditionally, many have argued that the sole purpose of business is to make money, the more the better. This image, deeply embedded in the capitalist system, molds the actions of most people bitcoin twitter accounts you should followers companies.
They only to focus on maximizing short-term profits and delivering quick returns. Their decisions are expressed only in financial terms. But money does not make you a better person or a better company. Its important to create of value. By creating value we generate great returns, not just financial ones. And all this can be accomplished without ever obsessing, dreaming or scheming about how much money you can make today.
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